Does paying off collection balances reset activity date?
Is it true if you pay off a collection item it will change the activity date thereby keeping the item on your report an additional 7 years. I have two collection items that will drop off next year. I want to know if I should pay/settle or leave them alone. Both amounts are under 500 each.
Re: Does paying off collection balances reset activity date?
No it will not reset the time it will stay on your CR. That is determined by the DOFD which is determined by the OC. Paying can reset the SOL, or the time frame in which you can be sued and they can win. If you pay these they will still drop off next year.